We have often talked about the Latino community’s obstacles in accessing equal financial opportunities. Latinos must navigate wage inequality and lack of access to capital while also trying to heal from the trauma of poverty.
However, one of the most challenging obstacles has always been financial literacy. After all, knowing how to manage our money and invest it wisely is critical for our lives today and our family’s future.
Perhaps the first thing we should do is to understand our needs and fill in the gaps a little at a time.
For example, our grandparents taught our parents’ generation to foster a close relationship with their bankers, while younger generations, from Millennials to Gen-Z, are more comfortable with all-digital banks. Ultimately, it’s important to choose the banking options that fit your needs.
Why it’s important to know how to choose your bank
Sure, choosing a bank can be overwhelming, especially because there are so many options in the market. The first step is making sure you have all the correct information that will help you make the right decision for you.
The most common bank accounts include checking, savings, money market accounts, and certificates of deposit (CDs). Also, remember to always look for a bank that charges low or no fees and do an online search for branches near your home or workplace. After all, accessibility is key.
A strategy that never fails is an educated one— check bank reviews, consult forums, and always read the terms and conditions of the services they offer.
The importance of basic credit knowledge
Experts say it’s simple: the most important thing is to track your income, expenses, and what’s left over — and then see what you can leverage from the pattern.
But what happens when we don’t have that time available when we have a thousand and one things to do and a family to raise, a career, or both?
Or worse, what if we still struggle to cope with the trauma of poverty or financial situations that scarred us for life?
According to a 2015 study by the University of Notre Dame, “women workers’ unequal labor force participation, career interruptions, part-time work, lower-ranking positions, and limited access to pension savings programs” are some of the issues that make Latinas shy away from seeking financial advice.
And that’s where having a trusting relationship with your bank comes in. The ideal bank understands that, as Latinos, we value and cherish our sense of community and family, so any financial decision has a ripple effect. Aside from building financial confidence, the right bank can help open doors we never even knew existed.
Few banks have the passion for family and culture as U.S. Bank. They even created the first Spanish-language mobile app assistant in finance. This allows them to deeply understand how to meet the community’s financial needs.
In fact, their expertise is rooted in the consistent practices necessary to help us achieve the important life milestones we hold so dear.
So whether that’s helping us save for our daughter’s most epic quinceañera, teaching us how to keep our beloved family business open during these times, or moving us towards our personal financial goals, like buying our first home — the ideal bank will help get you there, guiding you every step of the way.
The importance of the proper guidance
For Latinos, our financial goals and life’s milestones are for the purpose and benefit of more than just ourselves. Getting the proper guidance is often the difference between living and truly thriving. Only then can we start building generational wealth for our families today!
That’s why it is important to build a trusting relationship with who we allow to handle our money. We resonate more with banks with experienced wealth management professionals who are not only able to educate us, but also share consistent, tangible practices that will help us create success.
Remember, leaving money sitting in the bank is a thing of the past and is potentially detrimental to achieving milestones. Your financial institution should help you with loans for the future homeowner and user-friendly tools for small business owners, among many other resources.
The proof is in the pudding: U.S Bank, a friendly advocate in your corner
Ultimately, bettering ourselves requires more than just dreaming about it; it’s about consciously choosing opportunities that help us grow.
Look for a bank with a proven track record. Recognized as the most essential bank amid the pandemic by The Harris Poll, U.S. Bank showed up when it mattered most.
U.S. Bank has proven that they’ll help equip you to make smart financial decisions because they truly are equipped to help everyone — para todos. From 9-5ers to entrepreneurs to future homeowners, they provide resources that speak authentically to our communities, our familias, us.
For more information on taking your aspirations to the next step today, go to usbank.com.